Les fondements microéconomiques de la valeur actionnariale. Une revue critique de la littérature

Antoine Reberioux

Revue économique, 2005, vol. 56, issue 1, 51-75

Abstract: Debates on corporate governance have promoted Shareholder value as the leading model. Yet the microeconomics and normative foundations of this model are generally not clearly stated. This article offers a critical survey of the approaches that, in relying on the theories of the firm as an incentive system, raise the question of the distribution of power into corporations. The Positive agency theory, the Modern property rights approach and the Neo-insitutionnal theory of the firm are reviewed. We show that as contractual incompletness is emphasised, conclusions tend to move away from Shareholder value.

Date: 2005
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://www.cairn.info/load_pdf.php?ID_ARTICLE=RECO_561_0051 (application/pdf)
http://www.cairn.info/revue-economique-2005-1-page-51.htm (text/html)
free

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:cai:recosp:reco_561_0051

Access Statistics for this article

More articles in Revue économique from Presses de Sciences-Po
Bibliographic data for series maintained by Jean-Baptiste de Vathaire ().